May 2016 Financial News

JMMB Bank hangs shingle in Trinidad

May 06, 2016

On May 2, the JMMB Group began the rebranding of its 100 per cent-owned subsidiary, Intercommercial Bank Limited (IBL Bank), which was renamed JMMB Bank (T&T) Ltd.

The head office in Chaguanas and the bank’s branch locations have also been given a new look and signage, reflecting the name change.

The rebranding follows full acquisition two years ago. The JMMB Group finalised the acquisition of the remaining 50 per cent of the share capital of IBL Group for US$8.75 million (J$914.1 million), making IBL a 100 per cent subsidiary in 2013.

JMMB initially acquired 50 per cent of IBL in 2004.

On Monday the group said that the rebranding is part of the JMMB Group’s strategic positioning across the Caribbean region. It also indicated that JMMB Bank will continue to offer the same suite of banking solutions for individuals and businesses at all of its locations.

The bank will also offer mutual funds in its capacity as selling agents of JMMB Investments (Trinidad and Tobago) Ltd.

For the nine months ended December 2015, the group’s operations in Trinidad and Tobago contributed $186.9 million. Together, build-out of new business lines in the Dominican Republic and Trinidad & Tobago totalled $268.3 million during the period.

The finance house said Monday that full acquisition placed the bank under the management of the JMMB Group and “in a better position to offer clients a wider range of banking solutions”.

In a related release, the group stated, “The introduction of JMMB Bank completes JMMB’s branded presence in the country as it joins its sister company, JMMB Investments (Trinidad & Tobago) Ltd, which has been in operation here since 2012.”

JMMB Investments’ head office is located on Tragarete Road in Port of Spain.

JMMB Bank Managing Director and CEO Nigel Romano said that the bank is looking forward to providing a new way of banking to Trinbagonians.

He was quoted as saying, “Our team of banking experts will be a key part of the fulfilment of our mandate of becoming the leading bank in the country by partnering with our clients in the achievement of their life goals.

“As a regional financial group of companies, with operations in Trinidad and Tobago, Jamaica and the Dominican Republic, the JMMB Group is perfectly poised to continue on its growth trajectory in T&T. Our vision is to grow our base of clients by providing them with easy access to our simple solutions, with an enjoyable client experience,” he declared.

Source:
BY AVIA COLLINDER
collindera@jamaicaobserver.com
Business reporter
Jamaica Observer
Friday May 6, 2016

http://www.jamaicaobserver.com/business/JMMB-Bank-hangs-shingle-in-Trinidad_59893